MIRA INFORM REPORT

Report Date :

13.10.2011

IDENTIFICATION DETAILS

Name :	RUPANA PAPER MILLS LIMITED (w.e.f. 11.04.2007)
Formerly Known As :	RUPANA PAPER MILLS PRIVATE LIMITED
Registered Office :	IV/928, Chotta Chippiwara, Chawri Bazar, Delhi – 110 006
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.05.2004
Com. Reg. No.:	55-126560
Capital Investment / Paid-up Capital :	Rs.403.351 millions
CIN No.: [Company Identification No.]	U21012DL2004PLC126560
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Paper like Tissue, Woodfree Writing Printing Paper, Kraft Paper, Soft Tissue Etc.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1100000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Vipul Desai
Designation :	Head in International Business
Contact No.:	91-9833650001
Date :	12.10.2011

LOCATIONS

Registered Office :	IV/928, Chotta Chippiwara, Chawri Bazar, Delhi – 110 006, India
Tel. No.:	Not Available
Mobile No.:	91-9833650001 (Mr. Vipul Desai)
Fax No.:	Not Available
E-Mail :	rupanapaper@yahoo.co.in
Location :	Owned
Factory :	Bir Palasi, Nalagarh – Ropar Road, Nalagarh – 174 101, Himachal Pradesh, India
Tel. No.:	91-1795-265386-87
Fax No.:	91-1795-265385
Branch Export Office :	204, City Center, Goregaon (West), Mumbai – 400 062, Maharashtra, India
Tel. No.:	91-22-67419508
Mailing Address :	570, Sector 18-B, Chandigarh, India
Telefax No.:	91-172-2784061

DIRECTORS

As on 19.09.2011

Name :	Mr. Prem Kumar Mangi Lal Agarwal
Designation :	Director
Address :	52 Suraj Nagar West, Sodala, Jaipur – 302 019, Rajasthan, India
Date of Appointment :	02.09.2004
DIN No.:	00270395

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67120DL1996PTC075589	Shiv Vanijay Capsec Private Limited	Director	10-11-99	10-11-99	Active	NO
2	U65921DL2003PTC120391	Vinayaka Capsec Private Limited	Managing director	02-07-07	19-05-03	Active	NO
3	U21012DL2004PLC126560	Rupana Paper Mills Limited	Director	02-09-04	02-09-04	Active	NO

Name :	Mr. Murari Lal Mangi Lal Agarwal
Designation :	Director
Address :	Plot No. 5, Road No. 28, Punjabi Bagh East, New Delhi – 110 026, India
Date of Appointment :	25.05.2004
DIN No.:	00270511

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U00100JH1996PTC007148	Patwari Vanijya Private Limited	Director	27-03-96	27-03-96	Active	NO
2	U67120DL1996PTC075589	Shiv Vanijay Capsec Private Limited	Managing director	18-02-08	20-12-96	Active	NO
3	U21012DL2004PLC126560	Rupana Paper Mills Limited	Director	25-05-04	25-05-04	Active	NO
4	U21090DL2008PTC172302	Scraft Products Private Limited	Director	04-01-08	04-01-08	Active	NO
5	U65921DL2003PTC120391	Vinayaka Capsec Private Limited	Additional director	22-06-11	22-06-11	Active	NO

Name :	Mr. Rajesh Kumar Suresh Kumar Agarwal
Designation :	Whole Time Director
Address :	Plot No. 5, Road No. 28, Punjabi Bagh East, New Delhi – 110 026, India
Date of Birth/Age :	13.09.1978
Date of Appointment :	01.05.2007
DIN No.:	00270676

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65921DL2003PTC120391	Vinayaka Capsec Private Limited	Director	19-05-03	19-05-03	06-07-11	Active	NO
2	U21012DL2004PLC126560	Rupana Paper Mills Limited	Whole-time director	01-05-07	25-05-04	-	Active	NO

Name :	Mr. Suresh Kumar Mangi Lal Agarwal
Designation :	Director
Address :	By Pass Road, Chas, Bokaro, Steel City – 827 013, Jharkhand, India
Date of Appointment :	02.09.2004
DIN No.:	00277832

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120DL1996PTC075589	Shiv Vanijay Capsec Private Limited	Director	19-01-96	19-01-96	06-07-11	Active	NO
2	U21012DL2004PLC126560	Rupana Paper Mills Limited	Director	02-09-04	02-09-04	-	Active	NO
3	U21090DL2008PTC172302	Scraft Products Private Limited	Director	04-01-08	04-01-08	04-10-10	Active	NO

Name :	Mr. Chetan Jai Prakash Gupta
Designation :	Independent Professional Director
Address :	46 Raj Nagar, Pitampura, Delhi – 110 034, India
Date of Appointment :	19.09.2011
DIN No.:	01847562

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U80904DL2007PTC169922	APAC Consultants Private Limited	Director	26-10-07	26-10-07	-	Active	NO
2	U27109DL2004PTC123953	P.D. Fabrication Private Limited	Director	30-09-08	15-03-08	12-01-10	Active	NO
3	U51909DL2008PTC175430	Delicious Coco Water Private Limited	Director	23-09-09	01-08-08	29-03-11	Active	NO
4	U51909DL2007PTC171230	Nirvana Lifestyle Private Limited	Director	25-08-08	25-08-08	-	Active	NO
5	U74999DL2007PTC161676	Keshav Consultancy Services Private Limited	Director	29-06-09	29-06-09	-	Active	NO
6	U74999DL2007PTC161652	Ankit Infoweb Private Limited	Director	29-06-09	29-06-09	-	Active	NO
7	L65910DL1988PLC033799	Purshottam Investofin Limited	Director	18-03-10	18-03-10	14-03-11	Active	NO
8	U74999DL2009PTC193531	Sky Event Management Private Limited	Additional director	20-01-11	20-01-11	-	Active	NO
9	U45200DL2007PTC171813	Simen Builders Private Limited	Additional director	12-02-11	12-02-11	-	Active	NO
10	U45400DL2007PTC171472	Camphor Properties Private Limited	Additional director	12-02-11	12-02-11	-	Active	NO
11	U45400DL2007PTC168980	Amazon Projects Private Limited	Additional director	12-02-11	12-02-11	-	Active	NO
12	U45400DL2007PTC171145	Aronia Builders and Developers Private Limited	Additional director	12-02-11	12-02-11	-	Active	NO
13	U70109DL2007PTC171839	Venda Developers Private Limited	Additional director	12-02-11	12-02-11	-	Active	NO
14	U45201DL1992PTC050007	Chintpurni Construction Private Limited	Additional director	25-03-11	25-03-11	-	Active	NO
15	U80904DL2011PLC221526	Accounts guru India.com Limited	Director	27-06-11	27-06-11	-	Active	NO
16	U21012DL2004PLC126560	Rupana Paper Mills Limited	Director	19-09-11	19-09-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vipul Desai
Designation :	Head in International Business

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2011

Names of Shareholders	No. of Shares
Murari Lal Agarwal	127510
Suresh Kumar Agarwal	117000
Rajesh Kumar Agarwal	3000
Darshana Devi	2000
Prem Kumar Agarwal	46000
Ashok Kumar Agarwal	60500
Vinayaka Capsec Private Limited, India	913000
Shiv Vanijya Capsec Private Limited, India	817000
Sarla Shares and Securities Private Limited, India	1182500
Patwari Vanijya Private Limited, India	242500
Aegle Marketing Private Limited, India	367000
Deepak Jain – HUF	500
Praveen Kumar Agarwal	40000
Purshottam Agarwal HUF	40000
Purshottam Agarwal	75000
Total	4033510

As on 19.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	88.82
Directors or relatives of directors	7.28
Other top fifty shareholders	3.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Paper like Tissue, Woodfree Writing Printing Paper, Kraft Paper, Soft Tissue Etc.
Exports :
Products :	Paper
Countries :	· Egypt · Italy · UAE
Imports :
Products :	Paper
Countries :	USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity (3 shifts basis)	Actual Production
MG Paper	M.T.	NA	30 Ton / Day	25 Ton / Day
Writing and Printing Paper	M.T.	NA	150 Ton / Day	65 Ton / Day
Kraft Paper	M.T.	NA	30 Ton / Day	18 Ton / Day

GENERAL INFORMATION

Customers :

· Manufacturer

· Dealer

· Distributor

No. of Employees :

300 (Approximately)

Bankers :

· Punjab National Bank

Large Corporate Branch, Sector 17 B, Chandigarh – 160 017, India

· Indian Overseas Bank

· HSBC Bank

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Term Loan (Secured by first charge on fixed assets of company)
Punjab National Bank	343.290	373.168
Indian Overseas Bank	197.477	203.767
Cash Credit (Secured by first charge on working capital Pari Passu charge on fixed assets)
Punjab National Bank	210.564	115.982
Indian Overseas Bank	114.272	75.479
Total	865.603	768.396

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Shree Ganeshji Maharaj	0.001	0.001
Shree Lakshmji	0.001	0.001
Shiv Vanijya Capsec Private Limited	0.000	8.000
Vinayaka Capsec Private Limited	3.000	7.000
Darshana Devi	0.494	0.494
Nidhi Udyog	6.800	17.100
Om Distributors	0.000	2.100
Shree Bhawani Industries	8.700	13.100
Shyam Udyog	19.100	5.300
Total	38.096	53.096

Banking Relations :	--
Auditors :
Name :	Rajesh Mehra and Associates Chartered Accountants
Address :	Thakur Villa, VPO Khalini, Near Hanuman Temple, Below Channel 9, Shimla – 171 002, Himachal Pradesh, India
Mobile No.:	91-9814199977 / 9417017867 / 9417110477 / 9816629229
E-Mail :	rajeshmehraca@yahoo.com

CAPITAL STRUCTURE

As on 19.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4100000	Equity Shares	Rs.100/- each	Rs.410.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4033510	Equity Shares	Rs.100/- each	Rs.403.351 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		403.351	319.301	309.851
2] Share Application Money		0.000	0.000	9.450
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(125.957)	(37.954)	(21.709)
NETWORTH		277.394	281.347	297.591
LOAN FUNDS
1] Secured Loans		865.603	768.396	704.402
2] Unsecured Loans		38.096	53.096	6.446
TOTAL BORROWING		903.699	821.492	710.848
DEFERRED TAX LIABILITIES		59.807	43.769	23.208
TOTAL		1240.900	1146.608	1031.647
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		826.524	843.661	828.109
Capital work-in-progress		0.000	2.750	37.383
Pre-Operative Expenses		0.000	0.005	0.000
INVESTMENT		0.118	0.118	0.118
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	317.609	171.210	85.447
	Sundry Debtors	243.043	204.361	112.050
	Cash & Bank Balances	40.274	22.493	9.149
	Other Current Assets	0.000	0.000	0.320
	Loans & Advances	9.733	5.737	20.756
Total Current Assets		610.659	403.801	227.722
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	186.517	90.842	53.052
	Other Current Liabilities	10.685	13.801	9.663
	Provisions
Total Current Liabilities		197.202	104.643	62.715
Net Current Assets		413.457	299.158	165.007
MISCELLANEOUS EXPENSES		0.801	0.916	1.030
TOTAL		1240.900	1146.608	1031.647

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	1001.818	1050.810	326.924
		Other Income	5.356	1.419	0.921
		TOTAL (A)	1007.174	1052.229	327.845
Less	EXPENSES
		Raw Material	576.808	605.036	165.961
		Chemical Consumed	69.848	74.678	0.000
		Manufacturing and Other Expenses	212.115	229.809	105.143
		Administrative Expenses	16.317	12.234	11.161
		Personnel Expenses	23.559	17.624	10.390
		Selling and Distribution Expenses	19.405	21.190	0.000
		Preliminary Expenses Written Off	0.115	0.115	0.115
		Increase / Decrease in stocks	7.166	(61.063)	(17.750)
		TOTAL (B)	925.333	899.623	275.020
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		81.841	152.606	52.825
Less	FINANCIAL CHARGES (D)		110.049	105.450	36.505
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(28.208)	47.156	16.320
Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.757	42.849	14.761
	PROFIT/LOSS BEFORE TAX (E-F) (G)		(71.965)	4.307	1.559
Less	TAX (H)		16.038	21.157	16.434
	PROFIT/LOSS AFTER TAX (G-H) (I)		(88.003)	(16.850)	(14.875)
Add	MAT CREDIT ENTITLEMENT		0.000	0.604	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(37.954)	(21.708)	(6.833)
	BALANCE CARRIED TO THE B/S		(125.957)	(37.954)	(21.708)
	EARNINGS IN FOREIGN CURRENCY		143.543	NA	NIL
	IMPORTS
		Raw Materials	141.122	NA	45.500
		Stores & Spares	0.000	NA	0.000
		Capital Goods	0.000	NA	21.500
	TOTAL IMPORTS		141.122	NA	67.000
	Earnings (Loss) Per Share (Rs.)		(21.82)	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	800.000 (Due to damage of machinery)

Expected Sales (2011-2012) : Rs.1000.000 millions

The above information has been parted by Mr. Vipul Desai

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(8.74)	(1.60)	(4.54)
Net Profit Margin (PBT/Sales)	(%)	(7.18)	0.41	0.48
Return on Total Assets (PBT/Total Assets}	(%)	(5.01)	0.35	0.15
Return on Investment (ROI) (PBT/Networth)		(0.26)	0.02	0.01
Debt Equity Ratio (Total Liability/Networth)		3.97	3.29	2.60
Current Ratio (Current Asset/Current Liability)		3.10	3.86	3.63

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions	As on 31.03.2008 Rs. in millions
Sundry Creditors	185.958	80.375	45.286
Creditors for Capital Goods (PM-II)	0.559	10.467	7.766
Total	186.517	90.842	53.052

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last three years	YES
12.	Profitability for last three years	NO
13.	Reasons for variations <> 20%	YES
14.	Estimation for coming financial year	YES
15.	Capital in the business	YES
16.	Details of sister concerns	--
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	NO
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

PERFORMANCE REVIEW

During the year, the Company has incurred loss of Rs.71.965 millions. The directors expect that the initiatives undertaken will result in improvement in financial results in the coming years.

OPERATIONS

The Company continues to take effective steps in broad-basing its range of activities. The performance of the Company during the period has been satisfactory.

FUTURE OUTLOOK

In the current year, the directors are putting up efforts and it is hoped that the company will do better in the current year. The outlook for the current year is also very bright and the directors are hopeful of doing a good business during the current year.

FORM 8

Corporate identity number of the company	U21012DL2004PLC126560
Name of the company	RUPANA PAPER MILLS LIMITED
Address of the registered office or of the principal place of business in India of the company	IV/928, Chotta Chippiwara, Chawri Bazar, Delhi – 110 006, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Punjab National Bank Large Corporate Branch, Sector 17 B, Chandigarh – 160 017, India
Nature of instrument creating charge	Hypothecation of Movable Assets.
Date of instrument Creating the charge	29.09.2010
Amount secured by the charge	Rs.50.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 9.25% per annum to be calculated on daily balance with monthly rests Terms of Repayment Repayable on demand. Margin 10% Extent and Operation of the charge 100% Others Nil
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stocks or raw material, Stock in process, finished goods, packing material, stores and spares and all other items acceptable to Bank required for processing of paper and items stored in Godowns.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer and Printer

· Furniture and Fixture Equipments

· Electricals

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.24
UK Pound	1	Rs.76.80
Euro	1	Rs.67.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.